We are in the middle of winter .... crypto winter ...
If you think my last post was bad, this last month has been a disaster for crypto. Crypto has been in a downtrend for quite sometime. Until last week, bitcoin has been hanging around $28,000 - 31,000 USD.
But last week, suddenly bitcoin went down. First it went to around $25,000 - $26,000 and as I am typing this blog, bitcoin is already at $22,764.00 with more downward pressure on the way.
This crash has actually been predicted by several analyst who said there will be a relief rally and then there will be a major crash sending bitcoin to around $14,000 USD. However the relief rally never came, bitcoin goes straight to $22,000 USD. It is very painful to see your portfolio goes down in value. However as I have always remind you, please invest in projects that matter, with strong fundamental, and those who can go back up when the next bull run comes back. Don't invest in shitcoin without any fundamentals. You might not get back your portfolio if you do so.
Major News
One of the biggest news in crypto that helps drove bitcoin down is the event surrounding celcius network. Celcius network has frozen withdrawals as people are withdrawing from celcius like crazy. It is comparable with bank run which can collapse the bank if they are not liquid enough.
Another bad news is the attack on USDD. Some investors are also worried that USDD might depeg as it goes down below 0.98 USD per USDD. It maintain strength however for now with Tron DAO backing USDD with reserves and injecting liquidity to TRX.
As we can all see, trust in crypto is at all time low right now. Is it a good time to buy ? I am not a financial advisor, but I do DCA my portfolio a little bit. Some analyst suggest that the worse is yet to come. With macroeconomics in such a bad condition, with inflation very high , and with fed increasing the rate to keep inflation down, I believe they might have a point. Let's keep our eye on the price action and act accordingly.
As of this week, the prices of bitcoins and friends are at:
Bitcoin ( BTC ) - $22,764.00 / IDR 336,857,000.00
Ethereum ( ETH ) - $1,228.93 / IDR 18,174,000,00
Here are some of the prices of crypto assets in my portfolio:
Cardano ( ADA ) - IDR 7,528.00 ( Doing pretty well )
Polkadot ( DOT ) - IDR 110,710.00
Chainlink ( LINK ) - IDR 94,239.00
Stellar ( XLM ) - IDR 1,650.00
Tezos ( XTZ ) - IDR 21,222.00
